BRICS Considers Iran’s Proposal to Connect Payment Systems of Member Countries, Says Russian Official
The BRICS economic bloc is reportedly exploring the possibility of linking the payment systems of all member nations, according to Andrey Rudenko, Russian Deputy Foreign Minister. This proposal, put forward by Iran, aims to strengthen the financial autonomy of BRICS countries by establishing a robust and immune payment infrastructure that is resistant to sanctions. Discussions are centered around the integration of financial markets, payments made in national currencies, and the implementation of new mechanisms for mutual financial settlements.
The proposition to join BRICS payment systems is currently under assessment, as mentioned by Rudenko in an interview with TASS. He cited the example of integrating Russia’s Mir payment system with Iran’s Shetab electronic banking and automated payment systems. Rudenko stated:
“Various options related to integrating financial markets of the BRICS members, [such as] payments in national currencies and new mechanisms of mutual financial settlements — including [those suggested] by Iran — are now being considered.”
Rudenko emphasized that establishing a secure and independent clearance and payment infrastructure would greatly enhance the financial sovereignty of BRICS. Nevertheless, he clarified that Iran’s initiative is still in the discussion phase, and it is too early to finalize any specific details.
Earlier this month, the Governor of the Central Bank of Iran, Mohammadreza Farzin, and the Governor of the Bank of Russia, Elvira Nabiullina, met in St. Petersburg to discuss the integration of the Mir and Shetab payment systems. This collaboration aims to facilitate trade using national currencies, reducing reliance on the U.S. dollar and counteracting U.S. sanctions. A monetary contract signed on July 6 allows the utilization of local currencies in trade, resulting in bolstered financial cooperation, economic resilience, and reduced dependence on Western financial systems.